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Merger | 3 Months Ended
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Mar. 31, 2018
Business Combinations [Abstract] |
Merger | (17) Merger On March 11, 2018, CBI and United Community Bancorp (“UCB”), and United Community Bank entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which CBI will acquire UCB and its wholly-owned subsidiary, United Community Bank (“United Community”). It is anticipated that United Community will be merged with and into Civista, upon completion of the transaction. At that time, United Community’s eight banking offices located in Southeastern Indiana, and its Loan Production office in Northern Kentucky, will become offices of Civista. As of December 31, 2017, UCB and United Community Bank had total consolidated assets of $546 million, total loans of $296 million and total deposits of $462 million. Under the terms of the Merger Agreement, for each share of UCB common stock issued and outstanding, UCB shareholders have the right to receive 1.027 CBI common shares and $2.54 in cash, as each of those terms is defined in the Merger Agreement. In addition, CBI has agreed to cash out all of the 212,563 outstanding UCB stock options for an amount equal to the difference between $26.22 per share and the exercise price of the stock options. The aggregate cash consideration to be paid by CBI in respect of the outstanding UCB common shares and the cash-out of outstanding UCB stock options is approximately $13.6 million. The merger is anticipated to be completed during the third quarter of 2018, and is subject to the satisfaction of the closing conditions in the Merger Agreement and the approval of the appropriate regulatory authorities and of the shareholders of UCB.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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